IRVING, TEXAS — Trammell Crow Co. has broken ground on a 259,947-square-foot office and administrative building in Irving to house the U.S. Citizenship and Immigration Services’ Texas Service Center. Situated on 27 acres, the build-to-suit property is expected to be complete by early 2020. Gensler is the project architect and Manhattan Construction Co. is the general contractor. JPMorgan Chase provided project financing.
Over the past four years, Chicago’s legal sector has accounted for almost 750,000 square feet of negative net absorption despite a robust economy keeping demand for legal services of all types strong. While much has been written about large law firms shedding space as they reconfigure their offices with open floor plans that appeal to millennial and Generation Z talent, not all are following the same course of action. Finding the right size At one end of the spectrum, many large law firms are electing to relocate to ultra-efficient trophy towers, justifying the exorbitant construction costs and rent increases associated with building out new space in Class A+ towers by shedding enormous amounts of space from their footprints. Of the four firms larger than 100,000 square feet that have elected to reduce their space when relocating to newly constructed towers since 2015, all have been able to shed roughly 35.5 percent of their prior footprints on average, with some firms achieving even greater reductions. For example, Holland & Knight attained a 45 percent space reduction in its recently announced move from 105,000 square feet at Citadel Center to 57,000 square feet at 150 North Riverside. There are also many large …
MIAMI — Cushman & Wakefield has arranged the sale of a mixed-use building located at 3138 Commodore Plaza in Miami’s Coconut Grove neighborhood. A partnership between Terra and Banyan Street Capital purchased the property for $7.2 million, or $232 per square foot. Hollywood, Fla.-based MG|3 Development sold the property. Developed in 1986, the 31,000-square-foot, multi-tenant property features ground-floor retail space and three floors of offices, as well as on-site structured parking. Vacant at the time of sale, the property most recently housed the Academy of Arts & Minds charter school. Miquel Alcivar, Dominic Montazemi, Scott O’Donnell, Greg Miller and Jason Hochman of Cushman & Wakefield represented the seller in the deal.
HOUSTON — JLL has negotiated the sale of a 151,000-square-foot vacant office property located at 6001 Rogerdale Road in Houston. The two-story building has served as a single-tenant corporate campus since it was built in 2008. Amenities include a café ad break rooms. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller, Fort Worth-based 111 Realty OPO LLC, in the transaction. Curt Stanton of Axiom Advisory Group represented the buyer, St. Louis-based Emerson.
THE WOODLANDS, TEXAS — TF Warren Group, a firm that services the oil and gas industry, has acquired a 33,000-square-foot office building located at 25000 Pitkin Road in The Woodlands, about 30 miles north of Houston. Rob Banzhaf, David Alexander and Ryan Dierker of Newcor Commercial Real Estate represented TF Warren Group in the transaction. The trio also represented the seller, Rayford Professional Building Ltd. The sales price was not disclosed.
BOREDENTOWN TOWNSHIP, N.J. — JLL Capital Markets has brokered the $19 million sale of Interchange 7 Business Park, a two-building industrial office complex in Bordentown Township. The complex totals 225,164 square feet across one existing two-story building and one existing warehouse. John Plower of JLL represented the seller, Equus Capital Partners, in the transaction. The buyer was undisclosed. The 33-acre property is located less than one mile from Exit 7 on the New Jersey Turnpike and less than one mile from Exit 56 of Interstate 295 in Bordentown Township.
PLEASANTON, CALIF. — Pearlmark has closed on a $13 million mezzanine loan investment for the recapitalization of Britannia Business Center I within Hacienda Business Park in Pleasanton. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. The four-building center features 292,000 square feet of office, lab and R&D space. Current tenants include ADP, NeoTract, Carl Zeiss and Diebold. Additionally, the site includes more than 1,100 parking spaces. Bill Swackhamer of Pearlmark arranged the transaction.
BEND, ORE. — Compass Commercial Real Estate Services has arranged the sale of Deschutes Business Center, an office property located at 20332-20370 Empire Ave. in Bend. An undisclosed buyer acquired the property for $6.1 million. Situated on 5.7 acres, the 54,508-square-foot property was built in 1981 and consists of 39 suites spread across five buildings. At the time of sale, the property was 95 percent leased. Robert Raimondi, Russell Huntamer and John Keba of Compass Commercial Asset & Property Management represented the seller, while Gardner Williams, Peter May and Dan Kemp of Compass Commercial Real Estate Services represented the buyer in the deal. Additionally, Paul Weaver, also of Compass Commercial, assisted in representing both parties in the transaction.
CHICAGO — Sheehan Nagle Hartray Architects (SNHA) has signed a 23,615-square-foot office lease to relocate to 1 Prudential Plaza in Chicago. The architectural firm will relocate form 12,907 square feet at 30 W. Monroe St. upon build-out of its space in April 2019. Geoffrey Kasselman, Matthew Whipple, Bob Chodos and Steve Levitas of Newmark Knight Frank represented SNHA in the lease transaction. Landlord Sterling Bay was self-represented in the deal. SNHA cited abundance of natural light, amenities, location and floor plates with room for growth as the reasoning for the site selection. The firm, which has 70 employees, offers architectural design, interior design and predesign services.
SAN FRANCISCO — Hudson Pacific Properties Inc. (NYSE: HPP) and Allianz Real Estate have formed a joint venture to acquire the Ferry Building in downtown San Francisco. Located at the foot of Market Street along the San Francisco Bay waterfront, the landmark features 192,532 square feet of office space and 75,486 square feet of retail space. Equity Office, an affiliate of the Blackstone Group, sold the leasehold interest in the land and improvements to the Ferry Building to the joint venture for $291 million. The remaining term on the ground lease, which is owned by the Port of San Francisco, is 49 years. The Ferry Building is fully leased to companies including SS&C Technologies Inc., Meltwater Inc., Meritage Group LP and Niantic Inc., as well as restaurants and retail tenants such as The Slanted Door and Blue Bottle Coffee. The Ferry Building also plays host to the Ferry Building Marketplace, a public food market that is organized along an indoor street known as the Nave. The food market attracts more than 8.8 million annual visitors. Hudson Pacific owns a 55 percent interest in the joint venture and will serve as the managing member and day-to-day operator of the property, while …
